In March 2026, Indian stock markets faced a significant selloff, with the Nifty 50 index declining by 5% over the past year. JM Financial reported that 40% of Nifty 50 companies saw cuts in their earnings per share (EPS) estimates for FY27, primarily due to soaring oil prices driven by geopolitical tensions, particularly the escalating conflict between the United States and Iran. Key sectors affected included automobiles, infrastructure, and pharmaceuticals, with InterGlobe Aviation, the parent company of IndiGo, facing the largest EPS cut of nearly 8%. Conversely, 13 companies within the Nifty 50 received EPS upgrades, with Hindustan Unilever leading the pack at 10.1%. The ongoing geopolitical situation, including threats from former US President Donald Trump regarding Iran, has contributed to elevated oil prices, with Brent crude trading at about $110 per barrel. Investor sentiment remains cautious as the situation develops.